We report a novel design of photonic crystal fiber (PCF) with a rectangular array of four closely-spaced, highly elliptical air holes in the core region and a circular-air-hole cladding. The proposed PCF is able to support ultra-wideband single-polarization single-mode (SPSM) transmission from the visible band to the near infrared band. With the aid of the inner cladding formed by the central air holes, one polarization of the fundamental mode can be cut off at very short wavelengths and ultra-wideband SPSM propagation can be achieved. The inner cladding also suppresses the higher order modes and allows large air filling fraction in the outer cladding while the proposed fiber remains SPSM, which significantly reduces the mode effective area and the confinement loss. Our simulation results indicate that the proposed PCF has a 1540 nm SMSP range with < 0.25 dB/km confinement loss and an effective area of 2.2 μm2. Moreover, the group velocity dispersion (GVD) of the proposed PCF can also be tuned to be flat and near zero at the near infrared band (∼800 nm) by optimizing the outer cladding structure, potentially enabling many nonlinear applications.